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Capital gain tax on sale of house ( property )

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 January 2015 Dear sir/ madam,

My father is a senior citizen.

He received a capital gain of Rs 60,00,000 from sale of residential house.

He is a senior citizen. And, his income from all sources is zero.

Will income tax deduction slab of Rs 3,00,000 be applicable for capital gain tax calculation?

For eg capital gain: 60,00,000 - 3,00,000 = 57,00,000.
Is this calculation applicable for capital gain calculation.

All experts are requested to help.
Regards
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
13 January 2015 Yes the above calculation is applicable for capital gain.
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